SuperValu (NYSE:SVU) announced Monday that Wayne C. Sales has replaced Craig R. Herkert as the supermarket chain’s president and CEO. Sales will continue to serve as chairman of the board. Director Philip L. Francis has been elected lead director.
The news of Herket’s departure comes after a brutal week for the company. SVU shares tumbled more than 15% last Wednesday.
Sales, 62, has served on SuperValu’s board since 2006 and in the role as non-executive chairman of the board since 2010. He also is the retired vice chairman of Canadian Tire Corp. Prior to joining Canadian Tire in 1991, Sales served in several senior leadership positions with the U.S. division of Kmart (NASDAQ:SHLD) in the areas of marketing, merchandising and store operations.
Sales plans to stay on as the director and chair of the compensation committee of Tim Hortons (NYSE:THI), but he’ll retire from the boards of Georgia Gulf (NYSE:GGC) and Discovery Air.